Asset Specificity,Debt Structure And Debt Restructuring

In recent years,with the advancement of economic globalization,the acceleration of product renewal and the increasingly fierce market competition,the complex and ever-changing business environment has emerged.The business risks and financial risks faced by enterprises have been increasing,and the number of financial distressed enterprises has also increased.The way in which listed companies get rid of financial difficulties has attracted the attention of stakeholders such as the Chinese government,creditors and investors.Generally,there are three ways to solve a company's financial distress:asset restructuring,bankruptcy liquidation or restructuring,and debt restructuring.When the debtor's debt defaults,the creditor is the most important method for maximizing the value of the recovery.This paper examines the impact of asset specificity and debt structure on debt restructuring.On this basis,the different effects of asset specificity and debt structure on debt restructuring of state-owned and non-state-owned enterprises are studied.The first part is an introduction.This paper mainly introduces the research background and significance of this paper,reviews related literatures,and expounds the research ideas,research methods and innovations of this paper.The second part is the theoretical basis.This part first defines the related concepts,then elaborates the financial distress theory and debt renegotiation theory,and provides a theoretical basis for the analysis of subsequent research hypotheses and the analysis of empirical results.The third part is the presentation of research hypotheses.Combined with the theoretical basis of the previous part,the paper analyzes the impact of asset specificity and debt structure on debt restructuring,and puts forward three assumptions about the impact of asset specificity and debt structure on debt restructuring.The fourth part is the research design.This section mainly introduces the sample source,data selection,variable definition and model construction of the article.The fifth part is the empirical test and result analysis of asset specificity and debt structure and debt restructuring.The sixth part is to further explore the empirical test and result analysis of asset specificity and debt structure on debt restructuring channels and object selection.The seventh part is the conclusion.The conclusions,policy recommendations and limitations of this paper are highlighted.On the basis of literature review,through theoretical and empirical analysis,the paper finally draws the following conclusions.:As for the impact of debt restructuring,we find that(1)the financial specificity of enterprise assets is significantly positively correlated with the occurrence of debt restructuring.The current liabilities,financial liabilities and mortgage loans in the corporate debt structure are significantly positively correlated with the occurrence of debt restructuring.Moreover,asset specificity and debt structure have significant interactive effects on the occurrence of debt restructuring;(2)According to the nature of property rights,when grouping regression analysis,it is found that there are significant differences between state-owned and non-state-owned enterprises,and asset specificity is non-state-owned.The impact of corporate debt restructuring is more significant,and the impact of debt structure on state-owned enterprise debt restructuring is more significant.In the further discussion of the influencing factors of debt restructuring target and route selection,it is found that(1)debt restructuring object selection is significantly positively correlated with intangible assets and financial liabilities with high asset specificity,and is significantly negatively correlated with current liabilities.At the same time,the higher the specificity of corporate assets,the greater the impact of debt structure on the choice of debt restructuring objects;(2)the impact of asset specificity and debt structure on the choice of debt restructuring objects of state-owned and non-state-owned enterprises;(3)The micro-characteristics of companies such as asset specificity and debt structure have little impact on the choice of debt restructuring channels.There are two main innovations in this paper:First,the existing literature mainly studies the factors affecting debt restructuring from the macro perspectives of political connection,property rights and financial ecological environment,while few scholars study the debt restructuring from the micro perspective of corporate characteristics.Influencing factors,this paper will study the influencing factors of debt restructuring from the micro perspective of corporate characteristics such as asset specificity and debt structure.Secondly,this paper not only studies how asset specificity and debt structure affect the occurrence of debt restructuring,but also further explores assets.How the specificity and debt structure affect the object and route choice of debt restructuring,thus providing constructive advice on how financial distressed enterprises can choose creditors to negotiate according to their own company characteristics and thus can quickly complete private debt restructuring.